Nigeria reduces fuel pump price by 17.9%
Nigerians will be buying fuel at cheaper rates, again. The Nigerian National Petroleum Corporation or NNPC has announced a 17.94 per cent reduction in the ‘ex-depot’ price of petrol. Petrol Pump Nozzle Source : Punch Newspapers Nigeria The price was reduced from N113.28k per litre petrol was sold to marketers in the previous month to about N108.00K per litre. The new ex-depot price is coming almost a week into the new month, following the promise last month by the Group Managing Director of the NNPC, Mele Kyari, that a new pricing template for petroleum products would be released every first of a new month. Ex-depot price is the ceiling price at which petroleum products depot owners or terminal operators are expected to sell to marketers. The marketers, through their various filling stations, then sell to the end users. With the reduction of the ex-depot price, a new retail price of petrol is expected to be announced by the appropriate agency, PPPRA. The Petroleum Prod...